The sweeping allegations on Tuesday from federal prosecutors that university coaches, wealthy parents, and others conspired to get unqualified kids into elite U.S. universities have already shaken up the business world.
The sweeping allegations unsealed by federal prosecutors Tuesday that university coaches, wealthy parents, and others conspired to get unqualified kids into elite U.S. universities have already shaken up the business world.
“This seems to be a legal and reputational issue and a moral disgust factor that rich people bribe to deprive others of their earned slots. I'm surely disgusted,” said Bruce Kogut, a professor at Columbia’s Business School who specializes in corporate governance and ethics. “They’re masters of the universe, and their kids are so dumb they can’t get in on their own merits,” noted Margarethe Wiersema, a professor of strategic management at the University of California, Irvine’s business school.
The actresses involved drew the most headlines, but many high- and lower-profile business people also face charges. Gordon Caplan, co-chair of the white-shoe law firm Willkie Farr, was charged, as was Greg Abbott, CEO of the publicly traded International Dispensing Corp. Bruce Isackson, president of commercial real estate firm WP Investments, was also accused of participating in the conspiracy.
If any of these parents are convicted in the conspiracy, they will certainly have to leave their jobs and may lose their professional licenses, Elson noted. In the meantime, they’ll likely go on leave, if only to have the time to defend themselves against the allegations.
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